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Audemars Piguet embraces second-hand business

The Swiss luxury watchmaker is the first big brand to tap into the fast-growing market for pre-owned premium watches

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Royal Oak models on display at the Audemars Piguet stand at the "Salon International de la Haute Horlogerie" watch fair, in Geneva.

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"We're witnessing a social and cultural change that forces us to think about what the business will look like in five or 10 years." - Audemars Piguet's chief executive Francois-Henry Bennahmias. Experts say the second-hand luxury watches business is growing rapidly as a new generation of customers, that values variety more than permanent ownership, enters the luxury world.

Geneva

SWISS luxury watchmaker Audemars Piguet said it would launch a second-hand business this year, becoming the first big brand to announce plans to tap into a fast-growing market for pre-owned premium watches.

The company told Reuters it had

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